Golden rules of accounting
Answer Posted / shruthi h
personal account- Debit the receiver
Credit the giver
real account - Debit What comes in
Credit what goes out
naminal Account - Debit All expences and losses
Credit All Income and gains
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Ram retired from partnership. The partners with mutual consent agreed to put the capital balance as on the date of retirement as loan to the firm @ 18% pa. The credit balance to his capital account was Rs 325000/- Pass necessary entry
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